Trump signs executive order to expand offshore oil drilling

Trump moves to lift bans on Arctic drilling

"Developing our abundant offshore energy resources is a critical part of a robust, forward-looking energy policy that will secure our nation's energy future and strengthen the USA energy renaissance", said Jack Gerard, the CEO of the industry group, American Petroleum Institute, in a statement.

Hours after Trump signed the order, California state Sen.

The US president said it would create "thousands and thousands" of jobs, despite a downturn in the oil market.

According to the governor, the previous administration (2009-2017) closed access to the oil drilling in 94 percent of the continental shelf.

During his administration, Obama banned drilling in some parts of the Pacific, Arctic, and Atlantic Oceans, and created the Atlantic Ocean's first marine monument, preserving roughly 130 miles of sea canyons and underwater mountains off the coast of New England.

It also directs Zinke to review the locations available for offshore drilling under a five-year plan Obama signed in November.

In this sense, Trump authorizes Zinke to consider the possibility of repealing or changing "onerous regulations that delay the creation of employment". It remains California's largest oil spill and ranks third in the USA, behind the 2010 Deepwater Horizon spill off the Gulf Coast and the 1989 Exxon Valdez spill in Alaska.

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Following the completion of the sale, the insider now owns 8,505 shares in the company, valued at approximately $799,895.25. After a recent look, shares have been seen 7.72% from the 200-day moving average, and 2.90% from the 50-day moving average.

Trump called his executive action "another historic step" toward increased domestic energy production. The department oversees 1.7 billion acres of the outer continental shelf, which contains an estimated 90 billion barrels of undiscovered oil.

"President Trump's executive order threatens our beaches, harbors and waterways, and we must stand up to protect our environment by fighting his destructive and risky action", said Councilman Mike Bonin, who introduced the motion.

The Center for Biological Diversity, Oceana, and other environmental groups are against the order and plan to take matters to court. It also instructs Commerce Secretary Wilbur Ross to review marine sanctuaries that have been designated or expanded within the last decade.

Trump and officials in his administration, many of whom have connections to the oil and gas industry, have decried those regulations as "job killing" and preventing economic growth.

On Wednesday, Trump called for a review of wilderness areas that were declared national monuments over the past 20 years, an order with the goal of possibly opening up these areas to oil drilling and mining. The law that gives the president the authority to impose a drilling ban does not say whether the action can be undone by another president. "But if they start drilling for oil and gas, they have to transport it somewhere", she said. Allowing Trump's order to go unchallenged, Jackson argued, would risk future devastation. For Trump, however, the drilling bans are an obstacle standing in the way of energy independence.

Protecting these areas means a great deal to the local residents and coastal communities that rely on the cleanliness of our beaches and our tourism economy - a $43 billion industry that supports more than 500,000 jobs.

FILE - In this May 14, 2015 file photo, the oil drilling rig Polar Pioneer is towed toward a dock in Elliott Bay in Seattle.

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